BofA lowered APR automatically? (by almost half)

[on]

Just got an email from Bank of America stating they lowered my APR from over 25% to around 13%. None of the other cards I hold have close to this APR. Is this a common move by BofA and other card companies? Should I be trying to call my other card issuers to do the same?

The small print is 

Your new variable APRs for Purchases and Balance Transfers are calculated using the variable rate formula of an index (U.S. Prime Rate) plus your new margin of 4.xx percentage points, and will vary with the market based on changes to the U.S. Prime Rate. As of 4/30/2024, the U.S. Prime Rate is variable 8.50%. Please see your Credit Card Agreement for details. 

[SouthJamaica]

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@on wrote:

Just got an email from Bank of America stating they lowered my APR from over 25% to around 13%. None of the other cards I hold have close to this APR. Is this a common move by BofA and other card companies? Should I be trying to call my other card issuers to do the same?

The small print is 

Your new variable APRs for Purchases and Balance Transfers are calculated using the variable rate formula of an index (U.S. Prime Rate) plus your new margin of 4.xx percentage points, and will vary with the market based on changes to the U.S. Prime Rate. As of 4/30/2024, the U.S. Prime Rate is variable 8.50%. Please see your Credit Card Agreement for details. 

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Congratulations.  That's a shocker. I don't think calling your other card issuers will have a similar outcome.

[galahad15]

Congratulations! 

[AzCreditGuy]

Congrats and  B of A hates me lol.....they only lowered me down by 3% but doesnt matter if it was 13% never would leave a long balance on the card, ever again. 

[Rdbeetle]

Congrats on your lower BofA APR!

[TrapLine]

Unreal!

In the past we would read about Apr reductions auto or customer request. Not much on the lower side until yours!

Congrats!

[NoMoreE46]

Wow

[danzig47]

That's awesome. Did you increase your banking relationship with them recently or anything like that? 

[FlaDude]

That's an awesome APR!

[Zoostation1]

Wow, that's great!  My lowest APR is about double that